Nobody becomes a billionaire or millionaire overnight – not even with cryptocurrencies. You still have to hustle and pivot to make it.
Everyone gets into the cryptocurrency field to make money, but not all end up doing that. Cryptocurrency doesn’t promise or guarantee massive wealth instantly. Like everything else, it takes time, strategy, and hard work. Many people either give up along the way or fall into some sort of trap with the rising cases of cryptocurrency scams.
There are quite a handful of methods you can use to make legitimate money with cryptocurrencies other than the obvious way of trading. Therefore, we decided to explore some of the proven ways of making money with cryptocurrency; we found quite a few, but be assured that you’ll find them very impressive.
This is by far the most popular way to earn cryptocurrencies, but day trading requires many neurons to get your assets moving and growing.
Most of them don’t know that day trading is more than just holding an asset until its value rises; it takes a lot to be a day trader, but most importantly, you need to have the proper analytical and technical skills.
You’ll need to analyze market charts on the performance of the listed assets; this is perhaps the most involving way of earning from cryptos, but I believe one of the most rewarding.
You can start day trading on any exchange today; all you need to do is sign up, buy some assets, analyze, and you’re all set.
You can also start trading through an automated trading platform that allows users to decipher the signals emitted by the trends on bitcoin and other cryptocurrencies and begin to be a successful small trader.
If you’re going to be a day trader, consider mastering the art of analyzing stocks using the technical and fundamental methods; they are widely used to evaluate all traded assets.
Buy and HODL
This is the most common way of earning money from cryptocurrencies. Most investors buy coins such as Bitcoin, Litecoin, Ethereum, Ripple, and more and wait until their value rises. Once their market prices rise, they sell at a profit.
This investing strategy requires identifying more stable and volatile assets that can shift in value rapidly, resulting in regular profits. Assets such as Bitcoin and Ethereum have been known to maintain frequent price fluctuations; they can, therefore, be considered a safe investment in this regard.
However, you’re welcome to trade any asset you feel will rise in value; all you need to do is analyze each asset you invest in before committing to HODLing it.
Also, you don’t need to buy the most expensive assets for you to make profits. Thousands of small altcoins have decent price shifts; consider mixing all coins with an excellent future value and are not just popular in the exchanges.
Run Cryptocurrency Master Nodes
The terminology can be intimidating for some, but it’s worth decrypting how this works for you to earn passive income. Crypto master nodes refer to full nodes that motivate operators of the various nodes to execute their roles in operating a blockchain.
In other words, a master node is a cryptocurrency full node or computer wallet that maintains a real-time record of a blockchain’s activities.
The idea behind master nodes is a bit technical, but below is a simplified explanation:
Running crypto master nodes is one of the most popular ways of earning passive income in this space.
Many cryptocurrencies pay node operators to maintain a real-time record of their activities on their native blockchains. Since the process is complex and requires one to maintain a certain minimum number of coins under their master nodes, cryptocurrency platforms prefer outsourcing the service to master node operators at a fee.
Did you know that you can buy cryptos and hold them for dividends? Well, several coins will get you paid for simply buying and maintaining your digital assets. The best thing about these coins paying a premium to holders is you don’t even have to stake them, especially in a wallet.
A few examples of coins that pay out dividends include KUCOIN, CEFF, and more.
Like the conventional stocks, not all of these coins are suitable for your portfolio; you’ll need to analyze and pick out what seems to align with your investment objectives.
Crypto faucets are not that popular but a very viable means of the income-generating platform. Bitcoin faucets are the most popular ones. They are a reward system that runs in the form of a website or application that offers rewards to qualified users in the form of a Satoshi.
A Satoshi is a hundredth of a millionth BTC. This is a reward for completing tasks such as capture or any other required by the application or website.
The tasks may also be fun activities such as playing games, watching videos, viewing certain ads. Each job that’s accomplished earns you a small portion of Bitcoin. You may need to complete several tasks to make any real income from cryptocurrency faucets.
The cryptocurrency sector is mainly unregulated. This has resulted in many variations in terms of assets valuation, pricing of products, and so on. Most exchanges decide for themselves the prices their assets are listed, which has avoided the difference in the volatility and liquidity of assets.
If well researched, one can kill these price variations by buying from cheap sources and selling on overpriced exchanges. This is pretty much what describes arbitrage.
Consider signing up on various platforms and compare asset prices to find any significant variations to capitalize on.
This is another method of earning money from cryptocurrencies; it offers a double earning potential through price appreciation and dividend payout from selected coins for staking (or proof-of-stake) their digital assets.
Staking involves holding coins in a live wallet, thus allowing you to earn additional coins for securing that particular crypto network.
Perform Cryptocurrency Microtasks
You can also do small tasks for individuals or cryptocurrency platforms and get paid for them if you have extra time. The tasks can vary widely; it could be apps testing, adverts viewing, taking surveys, watching videos, and more.
You can get microtasks from sites such as Coinbucks or Bituro.
Work for Cryptocurrency Companies
This is a common way of earning from the sector. Anyone can work for a cryptocurrency company in any capacity; you can be a digital marketer, content creator, web designer, among other things. All you have to do is identify their needs and show them how your skills can help solve a problem.
The best thing about working for cryptocurrency platforms is that you’re likely to work remotely, allowing you to benefit from the flexibility of working from your own space.
Other than that, most crypto firms offer very competitive packages, and if you happen to come by chance to work with any legit ones, don’t hesitate to take up the opportunity.
These companies offer their compensation in terms of cryptos which means that the value of your earnings can more than double in value within days if not hours.
Create Cryptocurrency Content
Content has always been the king – even in the cryptocurrency space. Over the last decade, content marketing has become one of the most effective ways of communicating any message to your existing or potential clients. If you need to launch a new product or service, content is the best way to nail that.
The cryptocurrency sector mainly relies on content marketing because most projects are virtual. It may, therefore, not be possible to use conventional marketing ways to reach the target audience. And this is where the opportunity lies. You can create video content, infographics, or written content for various cryptocurrency brands and get paid for your expertise.
Avoid Scams – Get Rich Instead!
There are many ways to earn or make money from the digital gold or cryptocurrency apart from the common routes like crypto investing and trading. However, some get-rich-quick ways can lure you to deadly detours where you end up being scammed and losing all your money. The above tips or options to make money out of cryptocurrency are legitimate and proven ways to add up to your portfolio and be on the road to financial freedom. It’s not promised but cryptocurrency can always make magic happen for you and your investment portfolio.